Berkshire Hathaway sells more Bank of America shares, with CEO Moynihan praising Buffett as a top shareholder.

Since mid-July, Warren Buffett has sold over $7 billion in shares, reducing its stake to 11%.

On Friday, Monday, and Tuesday, the Omaha-based conglomerate sold 5.8 million BofA shares for almost $228.7 million, with an average selling price of $39.45 per share, according to a new regulatory filing.

Berkshire's selling streak has been extended to 12 consecutive sessions, matching the streak from July 17 to Aug. 1.

Berkshire has sold over 174.7 million shares of the Charlotte-based bank for $7.2 billion, leaving 858.2 million shares, or 11.1% of shares outstanding. Currently, BofA ranks third on Berkshire's list of top holdings, behind Apple and American Express. Prior to the selling spree, BofA was Berkshire's second largest holding.

Moynihan on Buffett

In 2011, Buffett bought $5 billion worth of BofA's preferred stock and warrants after the financial crisis. He converted those warrants in 2017, making Berkshire the largest shareholder in BofA. The "Oracle of Omaha" then added 300 million more shares to his bet around 2018 and 2019.

Buffett's motivation for selling was not disclosed by BofA CEO Brian Moynihan.

"During the Barclays Global Financial Services Conference, he stated that we cannot ask him what he is doing because we cannot ask him. However, the market is absorbing the stock, and we are buying a portion of it, so life will continue."

Since the start of July, BofA's stock has decreased by approximately 1%, while it has increased by 16.7% this year, slightly surpassing the S&P 500's performance.

Since 2010, Moynihan has been leading the bank and praised the 94-year-old's shrewd investment in his bank in 2011, which helped shore up confidence in the embattled lender struggling with losses tied to subprime mortgages.

"Our company has been fortunate to have him as an investor, and he played a crucial role in stabilizing us during a difficult period," he stated.

If investors had bought Moynihan's bank stock on the same day as Buffett, they would have captured the low price of $5.50 per share, which is significantly lower than the current stock price of nearly $40.

Moynihan said, "He had the courage to do it boldly, and it paid off. We're thrilled that he succeeded."

— CNBC's Alex Crippen contributed reporting.